Adage Capital Partners GP L.L.C. Sells 2,300 Shares of First Solar, Inc. $FSLR

Key Points

• Adage Capital Partners GP L.L.C. sold 2,300 shares of First Solar, Inc. during the first quarter, reducing its stake by 2.3% to a total of 97,700 shares, valued at approximately $12.35 million.
• First Solar reported an earnings per share (EPS) of $3.18 for the recent quarter, exceeding analysts' estimates of $2.68, and recorded a quarterly revenue of $1.10 billion.
• Major institutional investors, such as Cetera Investment Advisers and Oppenheimer & Co. Inc., have significantly increased their holdings in First Solar, reflecting a strong interest from the investment community.

Adage Capital Partners GP L.L.C. reduced its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 2.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,700 shares of the solar cell manufacturer's stock after selling 2,300 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.09% of First Solar worth $12,352,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Garde Capital Inc. purchased a new stake in shares of First Solar during the 1st quarter valued at approximately $25,000. Wealth Preservation Advisors LLC purchased a new stake in First Solar in the 1st quarter worth approximately $25,000. Larson Financial Group LLC lifted its stake in First Solar by 591.9% in the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock worth $32,000 after purchasing an additional 219 shares in the last quarter. Colonial Trust Advisors purchased a new stake in First Solar in the 1st quarter worth approximately $32,000. Finally, Abound Financial LLC purchased a new stake in First Solar in the 1st quarter worth approximately $45,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Bank of America increased their target price on shares of First Solar from $185.00 to $201.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada increased their target price on shares of First Solar from $188.00 to $200.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 1st. Wall Street Zen upgraded shares of First Solar from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Guggenheim increased their target price on shares of First Solar from $202.00 to $287.00 and gave the stock a "buy" rating in a research note on Friday, August 22nd. Finally, Susquehanna raised their price objective on shares of First Solar from $203.00 to $222.00 and gave the company a "positive" rating in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, First Solar currently has a consensus rating of "Moderate Buy" and a consensus target price of $225.84.

Insider Activity at First Solar

In related news, CEO Mark R. Widmar sold 23,912 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $185.47, for a total transaction of $4,434,958.64. Following the transaction, the chief executive officer owned 87,978 shares of the company's stock, valued at approximately $16,317,279.66. This trade represents a 21.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick James Buehler sold 1,600 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $180.00, for a total transaction of $288,000.00. Following the transaction, the insider directly owned 4,398 shares in the company, valued at approximately $791,640. This represents a 26.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,315 shares of company stock valued at $6,021,305. Insiders own 0.48% of the company's stock.

First Solar Price Performance

Shares of First Solar stock traded down $1.61 on Friday, hitting $201.70. 1,238,781 shares of the company traded hands, compared to its average volume of 3,216,098. The company has a current ratio of 1.90, a quick ratio of 1.41 and a debt-to-equity ratio of 0.04. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $262.72. The firm's 50-day simple moving average is $187.50 and its 200 day simple moving average is $159.30. The company has a market cap of $21.63 billion, a P/E ratio of 17.25, a P/E/G ratio of 0.40 and a beta of 1.41.

First Solar (NASDAQ:FSLR - Get Free Report) last released its earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, beating the consensus estimate of $2.68 by $0.50. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the firm earned $3.25 EPS. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. Analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

First Solar Company Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.